Ramsden, a civil servant who is currently the chief economic adviser to the Treasury, will take up his role immediately. He will sit on the bank’s crucial rate-setting Monetary Policy Committee, which will meet on Wednesday next week.

“I am honoured to be joining the Bank and to be given the opportunity to contribute to the Bank’s mission to maintain monetary and financial stability, at such an important time for the UK economy,” Ramsden said in a statement released on Thursday afternoon.

He has worked for the civil service since 1986, serving with the Treasury since 1988. Between 1999 and 2003, Ramsden was in charge of Treasury research about whether or not Britain should join the euro, something it ultimately decided against.

Chancellor Philip Hammond of Ramsden’s appointment that “his departure will be a loss to the Treasury but he will be a huge asset to the Bank and I wish him every success.”

At the same time, Britain’s central bank has appointed former HR chief Joanna Place as its new chief operating officer. That role was also previously filled by Hogg, although Place has been serving as acting COO since her resignation.